10% Increase In Exports Of Textile Sector

Textile and clothing exports rose for the second consecutive month in January. According to the report of voteteer.com.pk, according to the data released by the Pakistan Bureau of Statistics (PBS), the exports of the textile sector reached one billion 450 million dollars in January after an increase of 10.10% on an annual basis. In the same month, it was 1.32 billion dollars, while on monthly basis it increased by 3.33%. However, during the first 7 months of the fiscal year 2024, textile and clothing exports decreased by 2.99% to 9 billion 73 million dollars, its volume was 10.03 billion dollars during the same period last year, the reason for the decline was cash and energy. Due to high prices, there is increased cost of production.

10% Increase In Exports Of Textile Sector

A few months ago, the commerce ministry had announced that the government would soon offer regionally competitive energy prices to textile exporters, and resolve liquidity issues by issuing pending tax refunds, but the decision has not been implemented yet. During the fiscal year 2023, textile and clothing exports were recorded at $16.5 billion after a decline of 14.63 percent, while total exports of goods shrank by 12.71 percent to $27.54 billion, the volume of which was 31 billion in the previous year. billion was 78 million dollars.

10% Increase In Exports Of Textile Sector

According to PBS data, exports of readymade garments increased by 13.85% in value terms and 28.06% in terms of volume in January, while exports of knitwear increased by 8.39% in terms of value and 69.84% in terms of volume. Value wise increased by 19.26% and quantity wise by 25.63%. Towel exports increased by 5.41 percent in terms of value and 11.45 percent in terms of volume.

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However, raw cotton and yarn exports rose by 126.45 percent and 19.78 percent in January on year-on-year basis. Exports of textile medops (excluding towels) rose by 9.81 percent in January, and exports of tents, canvas and tarpaulins fell by 24.15 percent. Imports of textile machinery fell by 34.81 percent in January, indicating that expansion or innovation projects were not a priority. Along with this, imports of synthetic fibers increased by 16.92 percent, imports of synthetic and artificial silk yarns by 13.20 percent and imports of other textile goods by 33.45 percent, while imports of raw cotton decreased by 91.11 percent during January. Happened During the first 7 months of the fiscal year 2024, the total exports reached 17 billion 77 million dollars with an increase of 7.87% compared to 16 billion 48 million dollars of the previous year.

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